Waterloo Capital, L.P.
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 5, 2025), Waterloo Capital, L.P. reported 452 stock positions worth $1.3 billion. Its top holding was iShares Core S&P 500 ETF (IVV) at 3.7% of the portfolio, followed by SS SPDR P S&P 500 Growth ETF (SPYG, 3.2%) and Walmart (WMT, 3.1%). Compared with Q2 2025, it opened 44 new positions, sold out of 46, added to 248 and reduced 139. The biggest buy was Apple (AAPL, shares +18%) and the biggest sale Invesco S&P 500 Equal Weight (RSP, shares −31%).
- Most Recent 13F
- Q2 2026
- Location
- AUSTIN, TX
- CIK
- 0001730942
- Portfolio Value
- $1.3B (Q3 2025)
- SEC Filing
- 0001104659-25-106781 ↗ filed Nov 5, 2025
Holdings Value
Holdings 452 stocks · $1.3B
| IVV iShares Core S&P 500 ETF | 3.71% | 74,534 | $49.9M | Add +1.1% |
| SPYG SS SPDR P S&P 500 Growth ETF | 3.19% | 410,427 | $42.9M | Add +8.9% |
| WMT Walmart Inc. | 3.10% | 403,744 | $41.6M | Add +12.6% |
| ACIO Aptus Collared Invest Opp | 2.72% | 841,167 | $36.5M | Add +0.2% |
| AAPL Apple Inc. | 2.50% | 132,095 | $33.6M | Add +18.1% |
| QQQM Invesco Nasdaq 100 ETF | 2.34% | 127,179 | $31.4M | Add +16.0% |
| NVDA Nvidia Corp. | 2.32% | 167,225 | $31.2M | Add +12.6% |
| IWD iShares Russell 1000 Value E | 2.30% | 151,850 | $30.9M | Add +2.8% |
| VEA Vanguard Ftse Developed ETF | 2.16% | 485,504 | $29.1M | Add +1.4% |
| RSP Invesco S&P 500 Equal Weight | 2.10% | 148,407 | $28.2M | Reduce -31.2% |
| MSFT Microsoft Corp. | 1.75% | 45,286 | $23.5M | Add +8.1% |
| IEFA iShares Core MSCI Eafe ETF | 1.74% | 268,430 | $23.4M | Add +2.6% |
| GBIL Goldman Sachs Access Treasur | 1.72% | 231,193 | $23.2M | Reduce -29.4% |
| IDUB Aptus Intl Enhan YLD ETF | 1.64% | 933,883 | $22.0M | Add +1.2% |
| JCPB JPMorgan Core Plus Bond ETF | 1.58% | 445,422 | $21.2M | Add +25.2% |
| DRSK Aptus Defined Risk ETF | 1.51% | 705,979 | $20.4M | Add +1.3% |
| IEMG iShares Core MSCI Emerging | 1.46% | 298,205 | $19.7M | Add +26.8% |
| OSCV Opus Small Cap Value ETF | 1.29% | 453,071 | $17.3M | Reduce -1.1% |
| AVGO Broadcom Inc. | 1.18% | 47,952 | $15.8M | Reduce -0.8% |
| VOO Vanguard S&P 500 ETF | 1.17% | 25,578 | $15.7M | Add +1.7% |
| MUB iShares National Muni Bond E | 1.07% | 135,541 | $14.4M | Add +12.1% |
| ADME Aptus Drwdwn MGD Eqty ETF | 0.98% | 258,789 | $13.2M | Reduce -0.1% |
| SPTI SS SPDR P Int Term TSY ETF | 0.98% | 453,988 | $13.1M | Add +1.3% |
| SPYM Ste STR SPDR PT S&P 500 ETF | 0.97% | 166,617 | $13.1M | Reduce -6.3% |
| AMZN Amazon.com Inc. | 0.96% | 58,836 | $12.9M | Add +8.4% |
| IEF iShares 7-10 Year Treasury B | 0.92% | 128,261 | $12.4M | Add +86.6% |
| SLQD iShares 0-5 YR Inv GRD Corp. | 0.84% | 221,451 | $11.3M | Reduce -35.1% |
| SPY SS SPDR S&P 500 ETF Trust-US | 0.83% | 16,682 | $11.1M | Reduce -11.9% |
| XLF SS Financial Select Sector | 0.82% | 205,665 | $11.1M | Reduce -1.9% |
| UPSD Aptus Large Cap Upside ETF | 0.79% | 398,055 | $10.6M | Add +25.5% |
| SHYG iShares 0-5 YR HY Corp. Bond | 0.76% | 235,112 | $10.2M | Add +7.2% |
| SPHY SS SPDR P High Yield ETF | 0.72% | 405,238 | $9.7M | Add +15.2% |
| VWO Vanguard Ftse Emerging Marke | 0.69% | 170,540 | $9.2M | Add +0.9% |
| META Meta Platforms Inc. Class A | 0.68% | 12,354 | $9.1M | Add +1.5% |
| GOOG Alphabet Inc. Class C | 0.63% | 34,523 | $8.4M | Add +25.5% |
| JPIE JPMorgan Income ETF | 0.62% | 180,804 | $8.4M | Add +6.4% |
| SJNK SS SPDR BB St Hi Yield ETF | 0.60% | 313,469 | $8.0M | Reduce -4.3% |
| SPYD SS SPDR P S&P 500 Hi Div ETF | 0.55% | 169,080 | $7.4M | Reduce -21.1% |
| TSLA Tesla Inc. | 0.55% | 16,696 | $7.4M | Add +15.3% |
| DUBS Aptus LRG Cap Enh YLD ETF | 0.55% | 202,491 | $7.4M | Reduce -12.5% |
| BSV Vanguard Short-Term Bond ETF | 0.55% | 93,177 | $7.4M | Reduce -22.6% |
| EWJ iShares MSCI Japan ETF | 0.54% | 90,179 | $7.2M | Reduce -1.1% |
| FXI iShares China Large-Cap ETF | 0.53% | 171,779 | $7.1M | Add +72.2% |
| LQD Ishr Ibx Usd Invgd CB ETF-Ui | 0.52% | 62,182 | $6.9M | Add +132.2% |
| PM Philip Morris International | 0.51% | 42,371 | $6.9M | Reduce -2.9% |
| SMH Vaneck Semiconductor ETF | 0.49% | 20,377 | $6.7M | Add +34.3% |
| GOOGL Alphabet Inc. Class A | 0.49% | 26,868 | $6.5M | Add +12.1% |
| JPM JPMorgan Chase & Co. | 0.48% | 20,330 | $6.4M | Add +0.5% |
| QUAL iShares MSCI USA Quality Fac | 0.47% | 32,797 | $6.4M | Reduce -17.1% |
| IAU iShares Gold Trust | 0.47% | 87,408 | $6.4M | Add +22.4% |
| XLC SS Comm Select Sector SPDR | 0.46% | 52,404 | $6.2M | Add +0.8% |
| AGG iShares Core U.S. Aggregate | 0.46% | 61,040 | $6.1M | Add +0.6% |
| BX Blackstone Inc. | 0.44% | 34,221 | $5.8M | Add +2.6% |
| ACWX iShares MSCI Acwi Ex US ETF | 0.42% | 87,789 | $5.7M | Add +6.0% |
| QQQ Invesco QQQ Trust Series 1 | 0.42% | 9,438 | $5.7M | Add +2.4% |
| MO Altria Group Inc. | 0.41% | 84,158 | $5.6M | Add +1.7% |
| V Visa Inc. Class A | 0.41% | 16,107 | $5.5M | Add +6.3% |
| NFLX Netflix Inc. | 0.40% | 4,449 | $5.3M | Add +1.5% |
| STX Seagate Technology Holdings | 0.40% | 22,546 | $5.3M | Reduce -7.9% |
| WFC Wells Fargo & Co. | 0.39% | 62,520 | $5.2M | Reduce -1.4% |
| ABBV Abbvie Inc. | 0.38% | 21,991 | $5.1M | Add +6.7% |
| OHI Omega Healthcare Investors | 0.38% | 120,024 | $5.1M | Add +4.7% |
| DGX Quest Diagnostics Inc. | 0.37% | 25,779 | $4.9M | Add +15.7% |
| SCHX Schwab US Large-Cap ETF | 0.36% | 185,178 | $4.9M | Reduce -0.1% |
| SBRA Sabra Health Care REIT Inc. | 0.36% | 261,598 | $4.9M | Add +2.6% |
| PLTR Palantir Technologies Inc. Class A | 0.36% | 26,566 | $4.8M | Add +10.8% |
| DUHP Dimensional US High Profi Et | 0.35% | 126,007 | $4.8M | Reduce -16.1% |
| URI United Rentals Inc. | 0.34% | 4,834 | $4.6M | Add +0.7% |
| RITM Rithm Capital Corp. | 0.34% | 401,336 | $4.6M | Add +2.6% |
| SPYV SS SPDR P S&P 500 Value ETF | 0.34% | 81,845 | $4.5M | Add +15.4% |
| DLR Digital Realty Trust Inc. | 0.34% | 26,109 | $4.5M | Add +5.2% |
| BRK.B Berkshire Hathaway Inc. Class B | 0.34% | 8,968 | $4.5M | Reduce -0.8% |
| LNC Lincoln National Corp. | 0.33% | 109,954 | $4.4M | Add +2.5% |
| INFL Horizon Kinetics Infl Benef | 0.33% | 98,196 | $4.4M | Add +2.9% |
| TMUS T-Mobile US Inc. | 0.32% | 17,890 | $4.3M | Add +7.7% |
| IBIT iShares Bitcoin Trust ETF | 0.32% | 65,490 | $4.3M | Add +16.9% |
| ATO Atmos Energy Corp. | 0.31% | 24,422 | $4.2M | Add +6.3% |
| JNJ Johnson & Johnson | 0.31% | 22,470 | $4.2M | Add +8.7% |
| SPG Simon Property Group Inc. | 0.31% | 22,174 | $4.2M | Add +4.4% |
| DEFR Aptus Deferred Income ETF | 0.31% | 158,212 | $4.2M | Add +2.6% |
| SO The Southern Co. | 0.31% | 43,320 | $4.1M | Add +4.5% |
| XLI SS Industrial Select Sector | 0.30% | 26,320 | $4.1M | Add +799.5% |
| ORCL Oracle Corp. | 0.30% | 14,400 | $4.0M | Reduce -1.6% |
| KMI Kinder Morgan Inc. | 0.30% | 141,827 | $4.0M | Add +4.0% |
| AMT American Tower Corp. | 0.29% | 20,134 | $3.9M | Add +87.4% |
| FTCS First Trust Capital Strength | 0.29% | 40,984 | $3.8M | Reduce -0.0% |
| XOM Exxon Mobil Corp. | 0.28% | 33,916 | $3.8M | Add +17.9% |
| CWEN.A Clearway Energy Inc. Class A | 0.28% | 141,987 | $3.8M | Add +4.1% |
| NOW ServiceNow Inc. | 0.28% | 4,151 | $3.8M | Add +26.5% |
| AM Antero Midstream Corp. | 0.28% | 196,239 | $3.8M | Add +10.5% |
| JUCY Aptus Enhanced Yield ETF | 0.28% | 168,937 | $3.8M | Reduce -2.3% |
| MMM 3M Co. | 0.28% | 23,865 | $3.7M | Add +3.0% |
| BXSL Blackstone Secured Lending F | 0.27% | 138,916 | $3.6M | Add +4.0% |
| STWD Starwood Property Trust Inc. | 0.27% | 186,414 | $3.6M | Add +5.8% |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 0.26% | 68,695 | $3.5M | Add +19.4% |
| VTI VG Morningstar TS MKT ETF-US | 0.26% | 10,653 | $3.5M | Add +0.9% |
| KO The Coca-Cola Co. | 0.26% | 52,061 | $3.5M | Add +1.4% |
| HD Home Depot Inc. | 0.25% | 8,354 | $3.4M | Add +8.4% |
| LADR Ladder Capital Corp.-REIT | 0.25% | 303,753 | $3.3M | Add +19.4% |
| FITB Fifth Third Bancorp | 0.25% | 74,233 | $3.3M | Reduce -2.1% |
Other holdings (3): bonds, preferreds, convertibles and warrants · $1.1M (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| BANK OF AMERICA CORP (BAC 7.25 PERP L) | 7.25%CNV PFD L | 579 | $741K | Reduce -9.7% |
| BOEING CO/THE (BA 6 10/15/27) | DEP CONV PFD A | 4,518 | $314K | No change |
| OUSTW Ouster Inc.-28 | *W EXP 09/29/202 | 40,000 | $88 | New |
Total filed on the 13F, all lines: $1.3B.
Portfolio Sells Q2 2025 → Q3 2025
| RSP Invesco S&P 500 Equal Weight | Reduce -31.2% | 2.10% | −1.07 |
| GBIL Goldman Sachs Access Treasur | Reduce -29.4% | 1.72% | −0.93 |
| SLQD iShares 0-5 YR Inv GRD Corp. | Reduce -35.1% | 0.84% | −0.56 |
| FLOT iShares Floating Rate Bond E | Reduce -87.9% | 0.05% | −0.43 |
| INDA iShares MSCI India ETF | Sold out | 0.00% | −0.41 |
| BSV Vanguard Short-Term Bond ETF | Reduce -22.6% | 0.55% | −0.22 |
| K Kellanova | Sold out | 0.00% | −0.19 |
| SPYD SS SPDR P S&P 500 Hi Div ETF | Reduce -21.1% | 0.55% | −0.18 |
| PM Philip Morris International | Reduce -2.9% | 0.51% | −0.13 |
| FNF Fidelity National Financial | Sold out | 0.00% | −0.13 |
| SPY SS SPDR S&P 500 ETF Trust-US | Reduce -11.9% | 0.83% | −0.12 |
| QUAL iShares MSCI USA Quality Fac | Reduce -17.1% | 0.47% | −0.11 |
| ISRG Intuitive Surgical Inc. | Reduce -21.6% | 0.13% | −0.09 |
| DUBS Aptus LRG Cap Enh YLD ETF | Reduce -12.5% | 0.55% | −0.08 |
| QUS SS SPDR MSCI U Stratfact ETF | Sold out | 0.00% | −0.08 |
| OKE Oneok Inc. | Reduce -17.0% | 0.17% | −0.08 |
| SJNK SS SPDR BB St Hi Yield ETF | Reduce -4.3% | 0.60% | −0.08 |
| DUHP Dimensional US High Profi Et | Reduce -16.1% | 0.35% | −0.08 |
| CRM Salesforce Inc. | Reduce -66.9% | 0.03% | −0.08 |
| SPYM Ste STR SPDR PT S&P 500 ETF | Reduce -6.3% | 0.97% | −0.07 |
| MUSA Murphy USA Inc. | Sold out | 0.00% | −0.07 |
| COST Costco Wholesale Corp. | Reduce -14.1% | 0.18% | −0.06 |
| KR Kroger Co. | Reduce -55.1% | 0.04% | −0.06 |
| XLF SS Financial Select Sector | Reduce -1.9% | 0.82% | −0.06 |
| BRK.A Berkshire Hathaway Inc. Class A | Sold out | 0.00% | −0.06 |
| PG The Procter & Gamble Co. | Reduce -12.6% | 0.20% | −0.06 |
| EFA iShares MSCI Eafe ETF | Sold out | 0.00% | −0.05 |
| UGI Ugi Corp. | Reduce -6.8% | 0.18% | −0.05 |
| OSCV Opus Small Cap Value ETF | Reduce -1.1% | 1.29% | −0.05 |
| SPGI S&P Global Inc. | Reduce -6.7% | 0.18% | −0.05 |
| WMB Williams Cos Inc. | Reduce -30.2% | 0.08% | −0.05 |
| BMY Bristol-Myers Squibb Co. | Reduce -53.8% | 0.03% | −0.04 |
| IQLT iShares MSCI International Q | Reduce -61.9% | 0.02% | −0.04 |
| NDAQ Nasdaq Inc. | Sold out | 0.00% | −0.04 |
| RYAN Ryan Specialty Holdings Inc. | Reduce -61.3% | 0.02% | −0.04 |
| DE Deere & Co. | Reduce -22.7% | 0.06% | −0.03 |
| BIL SS SPDR BB 1-3M T-Bill ETF | Reduce -30.6% | 0.06% | −0.03 |
| AOA iShares Core 80/20 Aggressiv | Reduce -19.6% | 0.11% | −0.03 |
| JUCY Aptus Enhanced Yield ETF | Reduce -2.3% | 0.28% | −0.03 |
| CMCSA Comcast Corp. Class A | Sold out | 0.00% | −0.03 |
| MCK McKesson Corp. | Reduce -62.1% | 0.02% | −0.03 |
| VST Vistra Corp. | Reduce -41.3% | 0.03% | −0.03 |
| ADME Aptus Drwdwn MGD Eqty ETF | Reduce -0.1% | 0.98% | −0.03 |
| EWW iShares MSCI Mexico ETF | Sold out | 0.00% | −0.03 |
| USIG iShares Broad Usd Investment | Sold out | 0.00% | −0.03 |
| FTNT Fortinet Inc. | Sold out | 0.00% | −0.03 |
| KIE SS SPDR S&P Insurance ETF | Sold out | 0.00% | −0.02 |
| ICE Intercontinental Exchange Inc. | Sold out | 0.00% | −0.02 |
| IWR iShares Russell Mid-Cap ETF | Sold out | 0.00% | −0.02 |
| HLT Hilton Worldwide Holdings Inc. | Sold out | 0.00% | −0.02 |
Portfolio Buys Q2 2025 → Q3 2025
| AAPL Apple Inc. | Add +18.1% | 2.50% | +0.65 |
| NVDA Nvidia Corp. | Add +12.6% | 2.32% | +0.43 |
| IEF iShares 7-10 Year Treasury B | Add +86.6% | 0.92% | +0.39 |
| QQQM Invesco Nasdaq 100 ETF | Add +16.0% | 2.34% | +0.33 |
| IEMG iShares Core MSCI Emerging | Add +26.8% | 1.46% | +0.32 |
| SPYG SS SPDR P S&P 500 Growth ETF | Add +8.9% | 3.19% | +0.29 |
| LQD Ishr Ibx Usd Invgd CB ETF-Ui | Add +132.2% | 0.52% | +0.28 |
| XLI SS Industrial Select Sector | Add +799.5% | 0.30% | +0.27 |
| WMT Walmart Inc. | Add +12.6% | 3.10% | +0.26 |
| GOOG Alphabet Inc. Class C | Add +25.5% | 0.63% | +0.23 |
| FXI iShares China Large-Cap ETF | Add +72.2% | 0.53% | +0.23 |
| JCPB JPMorgan Core Plus Bond ETF | Add +25.2% | 1.58% | +0.22 |
| EMLC Vaneck JPM Em Local Curr BND | New | 0.21% | +0.21 |
| TSLA Tesla Inc. | Add +15.3% | 0.55% | +0.18 |
| UPSD Aptus Large Cap Upside ETF | Add +25.5% | 0.79% | +0.16 |
| SMH Vaneck Semiconductor ETF | Add +34.3% | 0.49% | +0.15 |
| GOOGL Alphabet Inc. Class A | Add +12.1% | 0.49% | +0.14 |
| ASML ASML Holding NV-NY Reg SHS | New | 0.14% | +0.14 |
| IAU iShares Gold Trust | Add +22.4% | 0.47% | +0.11 |
| PLTR Palantir Technologies Inc. Class A | Add +10.8% | 0.36% | +0.10 |
| AMT American Tower Corp. | Add +87.4% | 0.29% | +0.10 |
| SPOT Spotify Technology SA | Add +470.7% | 0.12% | +0.10 |
| SGOV iShares 0-3 Month Treasury B | Add +120.3% | 0.19% | +0.09 |
| ABBV Abbvie Inc. | Add +6.7% | 0.38% | +0.07 |
| JPST JPMorgan Ultra-Short Income | Add +217.0% | 0.10% | +0.07 |
| MSFT Microsoft Corp. | Add +8.1% | 1.75% | +0.06 |
| VONG Vanguard Russell 1000 Growth | Add +80.6% | 0.12% | +0.06 |
| GLD SPDR Gold Shares | Add +72.6% | 0.12% | +0.06 |
| JNJ Johnson & Johnson | Add +8.7% | 0.31% | +0.05 |
| APP AppLovin Corp. Class A | New | 0.05% | +0.05 |
| SHV iShares 0-1 Year Treasury Bo | New | 0.05% | +0.05 |
| WELL Welltower Inc. | Add +36.9% | 0.17% | +0.05 |
| MUB iShares National Muni Bond E | Add +12.1% | 1.07% | +0.05 |
| URI United Rentals Inc. | Add +0.7% | 0.34% | +0.05 |
| IEI iShares 3-7 Year Treasury Bo | Add +44.6% | 0.20% | +0.05 |
| LHX L3HARRIS Technologies Inc. | Add +21.5% | 0.17% | +0.05 |
| SPHY SS SPDR P High Yield ETF | Add +15.2% | 0.72% | +0.05 |
| BAC Bank of America Corp. | Add +19.4% | 0.26% | +0.04 |
| TFLO iShares Treasury Floating Ra | New | 0.04% | +0.04 |
| DGX Quest Diagnostics Inc. | Add +15.7% | 0.37% | +0.04 |
| VEU Vanguard Ftse All-World Ex-U | New | 0.04% | +0.04 |
| MNST Monster Beverage Corp. | Add +117.6% | 0.08% | +0.04 |
| IBIT iShares Bitcoin Trust ETF | Add +16.9% | 0.32% | +0.04 |
| AGNC AGNC Investment Corp. | Add +24.1% | 0.21% | +0.04 |
| OHI Omega Healthcare Investors | Add +4.7% | 0.38% | +0.04 |
| SPYV SS SPDR P S&P 500 Value ETF | Add +15.4% | 0.34% | +0.04 |
| DOC Healthpeak Properties Inc. | New | 0.04% | +0.04 |
| PEP Pepsico Inc. | Add +81.8% | 0.08% | +0.04 |
| ORLY O'reilly Automotive Inc. | New | 0.03% | +0.03 |
| ETN Eaton Corp. PLC | Add +25.9% | 0.20% | +0.03 |
Notes & Other Activity Q2 2025 → Q3 2025
| BANK OF AMERICA CORP (BAC 7.25 PERP L) | 7.25%CNV PFD L | Reduce -9.7% | 579 | $741K |
| OUSTW Ouster Inc.-28 | *W EXP 09/29/202 | New | 40,000 | $88 |
Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 552 | $1.8B | SPYM, WMT, SPYG, AVLV, AAPL |
| Q1 2026 | 477 | $1.4B | WMT, IVV, SPYG, FENI, ACIO |
| Q4 2025 | 453 | $1.4B | IVV, WMT, SPYG, AAPL, ACIO |
| Q3 2025 | 452 | $1.3B | IVV, SPYG, WMT, ACIO, AAPL |
| Q2 2025 | 454 | $1.2B | IVV, RSP, SPYG, WMT, ACIO |
| Q1 2025 | 389 | $1.1B | IVV, RSP, GBIL, ACIO, WMT |
| Q4 2024 | 361 | $947.9M | IVV, WMT, SPYG, RSP, ACIO |
| Q3 2024 | 352 | $915.6M | IVV, RSP, IWD, ACIO, SPYG |
| Q2 2024 | 346 | $832.8M | IVV, SPYG, BSV, IWD, QUAL |
| Q1 2024 | 360 | $782.2M | IVV, IWD, QUAL, ACIO, QQQM |